Mayor Dave Bing’s office said today that the state emergency financial review team’s assertion Tuesday that Detroit has no plan to restructure itself was incorrect.

“In fact, our plan was reviewed and accepted by all stakeholders, including the state and the Financial Advisory Board,” an agency set up under the financial stability agreement the city approved in April 2012, Bing said in a statement today.

“We have the plan, but we face significant challenges executing it in a timely manner,” Bing said. “We are hindered by several factors, including the City Charter, labor agreements, litigation, governmental structure, and a scarcity of financial and human resources. Further exploration of ways to mitigate these barriers for more timely implementation of my initiatives should be examined."

It was Bing’s most direct response yet to the blistering report Tuesday that found a city near to collapse under $14 billion in long-term liabilities, unable to reverse runaway budget deficits and facing an additional $100 million cash shortfall by the end of the fiscal year in June. The team delivered its report to Snyder, who now has 30 days to decide how to proceed.

State Treasurer Andy Dillon, who lead the review team, said he’s not sure Gov. Rick Snyder will appoint an emergency financial manager to take over Detroit — despite widespread belief such a move is unavoidable. The review team’s report said that the option tried last year – a consent agreement meant to avoid deeper state intervention – did not work, leaving few other alternatives short of an emergency manager or a municipal bankruptcy Dillon said he believes can be averted.

Still, city officials appeared to be ready to challenge the review team’s findings and make their case to Snyder that there are other options available short of appointing an outside manager who could force a deep, painful restructuring and render the mayor and City Council powerless.

The council on Wednesday asked its staff to draft a response to Gov. Rick Snyder about the review teams report.

“The issue is, what do we do now?” Council President Charles Pugh said. “For us, we want to make our argument not emotional, but fiscal, and to look at what our options are in terms of restructuring our long term debt, in terms of dealing with the cash crisis we are currently in, in terms of the departmental restructuring we are currently coming up with now.

“I’m not convinced at this time than at emergency manager should be the foregone conclusion,” Pugh added. “I need to hear from my fiscal people about what all of our options are.”